CoinDCX CEO Dismisses $900M Coinbase Acquisition Rumors Amid $44M Hack Recovery

Sumit Gupta, CEO and co-founder of Indian crypto exchange CoinDCX, has strongly denied recent speculation that U.S.-based Coinbase is negotiating to acquire the firm.

The denial follows a series of local media reports suggesting that Coinbase was preparing to purchase CoinDCX at a discounted valuation of $900 million—less than half of its $2.2 billion peak in 2021.

Gupta took to social media platform X, writing, “Ignore the rumours! CoinDCX is super focused on building for India’s crypto story and not up for sale!” The timing of the rumors, surfacing just weeks after a $44 million hack targeting CoinDCX’s internal operational wallet, has raised eyebrows across the crypto community.

Fallout From $44M Hack and Swift Recovery Efforts

Earlier in July, CoinDCX suffered a security breach that resulted in the loss of $44 million. While customer funds remained unaffected, the incident pressured the platform to respond quickly.

The company isolated the compromised account and launched a $11 million bounty program to strengthen its cybersecurity defenses. It also invited ethical hackers and white-hat experts to help fortify its systems.

Despite the breach, CoinDCX remains financially stable, reporting ₹391.7 crore in revenue for FY24. However, it did experience a 45% drop in net profit year-over-year.

In parallel, the exchange has begun restructuring its leadership, following the departure of CTO Vivek Gupta and is actively hiring for over 100 roles, including senior leadership positions like CFO and general counsel.

Coinbase Quiet as India’s Crypto Regulation Remains Elusive

Coinbase has yet to confirm or deny its alleged interest in acquiring CoinDCX. While officially silent, Coinbase maintains its registration with India’s Financial Intelligence Unit and has minority stakes in both CoinDCX and rival platform CoinSwitch.

India’s lack of clear regulatory frameworks continues to create uncertainty. Despite imposing high taxes on digital assets, the government has yet to introduce comprehensive crypto policies. CoinDCX, however, remains committed to the Indian market, emphasizing local growth rather than overseas relocation.

As speculation cools, Gupta’s firm stance signals a continued push for India-first innovation in the evolving crypto landscape.